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Results
$690,000,000
Global settlement with Eli Lilly and Company regarding its product Zyprexa negotiated by a plaintiffs' attorney group including members of Burg Simpson.
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Our Offices
40 Inverness Drive East
Denver, CO 80112
Phone: 303.792.5595
Fax: 303.708.0527
WYOMING OFFICE
Phone: 307.527.7891
Fax: 307.527.7897
OHIO OFFICE
Phone: 513.852.5600
Fax: 513.852.5611
DALLAS OFFICE
Phone: 972.934.1313
Fax: 972.231.3983
ARIZONA OFFICE
Phone: 602.508.6040
WASHINGTON D.C. OFFICE
Phone: 202.544.7600
News Briefs
Jury award to Englewood company to total more than $1 million for breach of fiduciary duties in Shareholder Class Action Case
ENGLEWOOD, CO – July 24, 2008
– An Arapahoe County District Court jury awarded an Englewood-based public company what will likely amount to more than $1 million in damages in the class action dispute between the
minority shareholders of Inverness-based Verex, Inc., a public company, and a
Fort Collins-based private company PR Pharmaceuticals, Inc. The jury found
that PR Pharmaceuticals and its President, Steven Howe, and CEO, Dr. Patrick
Bols, breached their fiduciary duties to Verex, Inc., and its shareholders.
The verdict for the class of minority shareholders is in favor of approximately 1185 shareholders holding 1,195,470 shares. The court has previously indicated that it may value those shares at $ .50/share for a total value of $597,735. The jury awarded punitive dames against all of the defendants and in favor of Verex, Inc. With this value, the verdict is approximately $1.3 million. Prejudgment interest is substantial with this case having been filed in 2003. Total damages including interest are expected to bring the value of the verdict to over $2 million dollars.
"We are, of course, delighted that after all of these years, our clients have finally gotten this matter resolved," said Plaintiffs' trial lead counsel David P. Hersh of Burg Simpson Eldredge Hersh & Jardine, P.C. Hersh added, "The Defendants never acknowledged their wrongdoing, and so it is particularly gratifying to receive the jury's determination that the Defendants not only breached their fiduciary duties, but did so willfully and wantonly, justifying an award of punitive damages."
The jury found that the former majority shareholders violated their respective fiduciary duties for the benefit of themselves and to the detriment of the present company shareholders.
"It's good to win vindication for the little guys — this is what we practice law for — to fight injustice, even against big companies at great odds," said Plaintiffs' trial counsel David K. TeSelle.
Media Contact:
David P. Hersh
Burg Simpson Eldredge Hersh & Jardine, P.C.,
(303)792-5595
www.burgsimpson.com
